Industry

Ford boosts purchases from minority and smaller suppliers

In 2013, Ford spent $6.5 billion with minority-owned suppliers, surpassing its internal target and highlighting a shift in its global sourcing strategy.

Automakers Hike UK Prices After Brexit Hits Pound

Ford, Vauxhall, Nissan and Peugeot have raised UK car prices by up to two percent as the pound’s post-Brexit slump increases costs for manufacturers.

Daimler Q2 2016 earnings beat expectations despite recall costs

Daimler posted €3.97bn in adjusted EBIT for Q2 2016, outpacing forecasts even as recall and legal costs weighed on results, with vans and financial services driving gains.

Romania in Talks With Global Carmakers for Third Vehicle Plant

Romania’s government is negotiating with two major automakers, one European and one non-European, over plans for a new car manufacturing facility in the country.

Takata CEO Shigehisa Takada to resign after new investor found

Takata chief executive Shigehisa Takada has said he will step down once the company secures new investment, as the airbag safety crisis continues to threaten the supplier's future.

Volkswagen Agrees $15.7bn Settlement with US Regulators over Diesel Scandal

VW will spend up to $10 billion on buybacks and fixes for 475,000 diesel cars and fund environmental projects as part of a record US settlement.

China weighs easing foreign carmaker joint venture rules

Beijing is considering changes to its longstanding policy that restricts foreign automakers to minority stakes in Chinese joint ventures, a move that could reshape competition in the world’s largest car market.

Jaguar Land Rover opens first wholly-owned plant outside UK in Brazil

Jaguar Land Rover has opened a new factory in Itatiaia, Brazil, to build the Range Rover Evoque and Discovery Sport for the local market amid challenging economic conditions.

German Prosecutors Probe Volkswagen Over Alleged Data Deletion in Diesel Scandal

Authorities in Germany have launched an inquiry into claims that Volkswagen employees deleted sensitive internal data around the time the diesel emissions cheating became public in September 2015.

Jaguar Land Rover files suit in China over Landwind X7 Evoque copy

Jaguar Land Rover has launched legal action against Jiangling Motor in Beijing, accusing the Chinese firm of copying the Range Rover Evoque with its Landwind X7 SUV.

Suzuki and Mitsubishi Only Carmakers Implicated in Japanese Fuel Economy Test Irregularities

Japan's transport ministry says only Suzuki and Mitsubishi have so far submitted improper fuel economy data, following a nationwide audit triggered by the Mitsubishi scandal.

Mitsubishi to Offer Compensation After Fuel Economy Scandal

Mitsubishi will compensate Japanese mini-car owners affected by manipulated fuel economy figures, with Nissan customers also covered as part of the arrangement.

Tesla accelerates target to 500,000 cars by 2018

Tesla has advanced its production goal by two years, now aiming to build 500,000 vehicles in 2018, driven by strong demand for the Model 3.

Porsche R&D chief Wolfgang Hatz steps down after suspension

Wolfgang Hatz has resigned as Porsche’s research and development boss following months of suspension, with Michael Steiner named as his immediate successor.

Mercedes aims to surpass BMW and Audi in China by 2020

Mercedes-Benz targets the top spot in China's luxury car market by 2020, after rapid sales growth narrows the gap to BMW and Audi.

Future Mobility recruits BMW i executives for China EV push

Future Mobility, backed by Tencent and Foxconn, has hired key former BMW i managers as it prepares to accelerate electric vehicle development in China.

Ford signals further investment in Russia despite sharp market decline

With Russian car sales down nearly 17 percent in early 2016, Ford's local joint venture is considering new investment and targeting exports to offset domestic weakness.

US Volkswagen Dealers File Lawsuit Over Diesel Scandal Losses

Three family-owned VW franchise dealers in the United States have sued Volkswagen, seeking compensation for financial losses caused by the diesel emissions scandal.

Porsche Sticks to 15% Margin Target Despite Costs of Electrification

Porsche aims to maintain its 15 percent profit margin in 2016, even as stricter emissions rules and investment in electric models drive up costs.

VW Financial Services takes €353m hit as diesel scandal bites

Volkswagen's finance arm has written down €353 million to cover falling residual values of leased cars following the diesel emissions scandal, with further provisions set aside for the US market.

Allianz prepares legal action against Volkswagen over emissions scandal losses

German insurer Allianz is set to seek compensation from Volkswagen, joining a wave of investors claiming damages after the automaker’s share price collapse in the wake of the diesel emissions scandal.

VW CEO expects US deal on diesel fix as talks progress

Volkswagen chief Matthias Müller signalled at the Geneva show that a US agreement on diesel fixes, buybacks and penalties could be near, with talks ongoing this week.

Nissan to Begin Car Assembly in Myanmar with Tan Chong

Nissan will start assembling the Sunny sedan in Myanmar this year, working with Tan Chong Motor Group and training local staff ahead of a new plant opening.

Ghosn Targets Cheaper Electric Cars for China to Boost Sales

Carlos Ghosn aims to accelerate Renault-Nissan’s electric vehicle sales in China by focusing on more affordable models to compete with local low-cost offerings.